Which of the following would contribute to the high price of health care?A. There are many providers of health care in the industry. B. Demand for health care is relatively elastic. C. Demand for emergency care is relatively inelastic. D. Supply of health care is limited. E. Many people use Medicare and Medicaid.

C. Demand for emergency care is relatively inelastic.

D. Supply of health care is limited.

E. Many people use Medicare and Medicaid.

Explanation:

The Law of Supply posits that when there is a low supply of a good relative to its demand, the price will be higher because the good will be more scarce therefore people will have to pay more to get it. This is why in a situation where the supply of Health Care is limited, the price of health care will be high.

The law of demand states that when there are a lot of people demanding a good relative to its supply, the price of the good will be high because again, the good is now more scarce. When many people are using Medicare and Medicaid, there are more people able to afford health care meaning that demand is increased. This will increase the price of health care.

When a good's demand is said to be inelastic, it means that when prices change, the change in demand is less than the change in price. Prices of such goods will not have the incentive to remain low and will generally rise because the demand will not change by much. If demand for emergency care is relatively inelastic, the price will rise because demand will not change by much.

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